INSIGHTS

6 may 2020

BLACK HOLE ECONOMICS

Welcome to CLEARCUT, a monthly discussion on macro and allocation

The fastest correction in history was followed by the sharpest rebound. Most investors were caught off guard by the move and are left wondering how to position from now. This is due to all dimensions of any market analysis being at their extreme: extreme macro scenario, extreme policy response, extreme positioning and extreme valuation polarisation.Pondering the relative weight of these elements appears particularly difficult.